Skye Bioscience (NASDAQ:SKYE) Releases Earnings Results, Beats Expectations By $0.06 EPS

Skye Bioscience (NASDAQ:SKYE) issued its earnings results on Thursday. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.06, Zacks reports.

Skye Bioscience Price Performance

NASDAQ SKYE traded down $0.11 on Thursday, hitting $1.89. The company had a trading volume of 282,538 shares, compared to its average volume of 171,887. The company’s fifty day moving average price is $2.74 and its 200-day moving average price is $2.87. Skye Bioscience has a 12-month low of $1.83 and a 12-month high of $17.65.

Wall Street Analysts Forecast Growth

Separately, William Blair began coverage on Skye Bioscience in a research note on Friday, February 28th. They issued an “outperform” rating on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $18.67.

About Skye Bioscience

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.